Ethereum (ETH) price experienced a similar volatility to Bitcoin (BTC) in the past 24 hours, following the feud between Elon Musk and U.S. President Donald Trump. The large-cap altcoin, with a fully diluted valuation of about $300 billion and a 24-hour average trading volume of about $18.5 billion, rebounded from a crucial support level of around $2,407 in the past 24 hours to trade about $2,478 on Friday, during the late North American trading session.

However, the recent crypto rebound has triggered fears of a potential dead cat bounce. Moreover, the feud between Trump and Musk may continue to divide the crypto market. 

According to on-chain data analysis, BlackRock has gradually shifted its focus from Bitcoin to Ether in the past few days. In the past week, BlackRock’s ETHA recorded a net cash inflow of over $492 million to currently hold about $4.84 billion in cumulative net cash inflow at the time of this writing.

The gradual crypto cash rotation from Bitcoin to Ethereum has fueled the narrative of the much-anticipated altseason 2025. Moreover, the ETH/BTC pair has been dropping for the past few years until recently, signaling a major shift by institutional investors to the altcoin market.

Since breaking out of an established falling trendline in the first quarter, the ETh price has been forming a rising trend characterized by higher highs and higher lows in the lower timeframes. The altcoin has, however, been consolidating in a tight range between $2,400 and $2,679 in the past few weeks.

From a technical analysis perspective, Ether’s price is well positioned to rally above $3k if the buyers manage to push the altcoin above $2,679 in the coming weeks. However, a consistent close below $2.4k will signal further short-term bearish sentiment towards $2.2k.